Consistent with the RHI Magnesita's dividend policy to pay an interim dividend equal to one third of the previous final dividend, their board has declared an interim dividend of €0.60 per share representing €28 million in aggregate. The interim dividend will be paid on 26 September 2024 to shareholders on the register on 30 August 2024.
Other financial highlights include:
- Revenue of €1,728 million in line with H1 2023 (€1,734 million) as M&A contribution offsets 3% decline in sales volumes and 4% lower pricing in the base business
- Adjusted EBITA of €190 million (H1 2023: €200 million) reflecting lower volumes and lower backward integration benefits, as price and mix impacts were balanced by reduced input costs
- Adjusted EBITA margin of 11.0% (H1 2023: 11.6%) in line with guidance, comprising high refractory margin of 10.2% (H1 2023: 9.8%) and very low raw material margin contribution of 0.8% (H1 2023: 1.8%)
- M&A contribution to Adjusted EBITDA of €34 million (H1 2023: €15 million) represents progress against full year guidance of approximately €80 million, with second half weighting for synergy benefits and similar demand and pricing conditions to the base business. The contribution to Adjusted EBITA was €27 million and full year guidance for Adjusted EBITA from M&A is €65 million
- Adjusted EPS increased 2% to €2.59 per share (H1 2023: €2.53 per share) supported by FX related gains
- Working capital reduced by €80 million to €894 million (31 December 2023: €974 million), driven by lower receivables and higher payables
- Adjusted Operating Cash Flow of €233 million with strong EBITA cash conversion of 123% (H1 2023:114%), supported by second half phasing for capex
- Net Debt reduced to €1,274 million (31 December 2023: €1,304 million), gearing stable and within guided range at 2.4x (31 December 2023 Net debt to Pro Forma Adjusted EBITDA: 2.3x)
- Interim dividend of €0.60 per share declared, in line with policy
